The global cosmetics market is seeing “spiraling demand for cruelty-free and vegan” options, according to a recent study which states that the US market for vegan cosmetics is forecast to surpass US$3 billion by the end of 2025. Yesterday as an example we reported on Rihanna’s Fenty Skin which took $100K in just a few weeks after launching.
According to the report by Future Market Insights, a rising concern around health and safety as well as increased aversion amongst the general public towards animal-tested products In the coming years the market is forecast to witnessing surging sales via online channels.
As we reported last month, a recent report found that “vegan” was the third most popular attribute listed by colour cosmetic brands online last year, with 1.9 percent of color cosmetics claiming to be vegan, while “cruelty-free” was right behind at 1.5 percent.
The recent study reveals that the eCommerce space is being inundated with numerous vegan products in the cosmetics category. Some of the leading brands such as Tarte and Urban Decay are popular internationally, with the latter and e.l.f., being voted by consumers as the best vegan brands last summer.
Ecommerce has proven indispensable to the segment particularly amid the ongoing pandemic crisis when companies are finding it increasingly difficult to keep up their sales. Physical stores are likely to stay either shuttered or welcome lesser footprint even after governments ease lockdown, however sales of vegan cosmetics continue to rise at a higher pace than physical stores
Key market players include Ecco Zuzu Luxe, Bella, Bare Blossom, Urban Decay, Modern Mineral Makeup, Emma Jean Cosmetics, Arbonne, Pacifica, Beauty without Cruelty, Nature’s Gate, Billy Jealousy, and MuLondon Organic.